Wallace, 18, has been partially owned by the Premier League club since the sale of Deco to Fluminense in 2010, when the Blues acquired 35% of the player's rights.

The Brazil Under-20 international made his first-team debut aged 17 in 2011, having taken part in the Under-17 World Cup earlier that summer alongside Chelsea's Lucas Piazon.

In his time at first-team level, Wallace has won both the State Championship and, last month, the Brazilian league title. In January, the full-back will link up with the Brazil Under-20 squad for the South American championships.